Electrosurgical Devices Market Is Expected To Rise US$7,963.2 Million By 2024: Favorable Reimbursement Policies In Developed Economies To Continue To Fuel Adoption

The global market for Electrosurgical Devices is highly fragmented and features a less intense level of competition owing to the presence of a large number of global as well as domestic players across key regional markets, observes a recent report by Transparency Market Research. Although entry barriers are low for new players, factors such as high level of fragmentation, intense price competition, rising R&D costs are factors that can impede growth prospects for new players.

To capitalize the growth opportunities and strengthen their hold on the global market, leading players are focusing on development of new products and accessories with multimodality application and improved coagulation and cutting properties. A recent instance of this is the 2016 launch of APCapplicator electrosurgical handpiece by ERBE Elektromedizin GmbH. The device works for both vessel cutting and coagulation purposes and shows applications in open surgery and laparoscopy. Development of innovative multimodality systems such as robotic surgical systems, to make surgical procedures more precise and easy, is also a trending strategy in the market.

North America to Remain Dominant Contributor to Global Revenue

Transparency Market Research estimates that the global electrosurgery devices market will exhibit a 6.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$4,480.8 mn in 2015, is expected to rise to US$7,963.2 mn in 2024. In terms of product type, the segment of electrosurgical accessories accounts for the dominant share. Geographically, North America leads and is expected to remain the dominant contributor of revenue to the global market over the forecast period as well.

Across key end-use areas including hospitals, surgical ambulatory units, and specialized clinics, the adoption of electrosurgical devices has increased at a significant pace owing to encouraging reimbursement policies and coverage of medical bills under medical insurance policies in a vast number of developed and developing countries. Provision of medical insurance enables those covered to adopt the best surgical options available without having to consider cost of surgery as a constraint. This is one of the key factor fueling the global demand for electrosurgical devices across the globe in the past few years.